Richardson GMP

The Canada Revenue Agency Notice of Assessment (also referred to as the CRA NOA) is received after a taxpayer files their tax return and the return is reviewed by the CRA. It is a two page document showing the taxpayer name, taxpayer insurance number and tax year. It also provides a summary of income, deductions, credits and taxes previously paid. If you file your return in April you should receive the CRA NOA by about mid-May.

For the Jefferson | Steele Team getting a copy of the Notice of Assessment from clients is very helpful for us to do tax planning in future years. It contains useful information on the sources of income for clients. In addition, it includes details on Registered Retirement Savings Account (RRSP) limits, and summaries of unused capital losses, tuition and education credits. All of this information is useful in our decision making process when constructing and rebalancing portfolios.

The Notice of Assessment will also explain how CRA calculated your refund or taxes payable. CRA will often add a deduction if you missed it and if you claimed something in error they will remove the deduction or credit and explain what happened. The NOA will also let you know if Canada Revenue Agency is charging a penalty or interest.

If you have misplaced your Notice of Assessment call CRA at 1.800.267.6999 and they will be able to provide you with a new one.

Sources: CRA Website, “Tax Talk” H&R Block




Dwight Jefferson, CIMA®
Senior Vice President
Portfolio Manager
Tel.: 604.640.0555 • Email

Tyler Steele, CFA
Senior Vice President
Portfolio Manager
Tel.: 604.640.0554 • Email

Paul Rietkerk, CIM, FMA
Associate Portfolio Manager
Tel.: 604.640.0562 • Email

Neil Kumar
Associate Investment Advisor
Tel.: 604.640.0406 • Email

Wendy Lloyd
Tel.: 604.640.0556 • Email

Jessica Dewey
Tel.: 604.640.0405 • Email

Brenda Geib, BA
Tel.: 604.640.0559 • Email

Richardson GMP Limited
500 – 550 Burrard Street
Vancouver, BC V6C 2B5

Toll Free: 1.866.640.0400
Fax: 604.640.0300

innovation bar


The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited or its affiliates. Assumptions, opinions and estimates constitute the author's judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own legal or tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances. Insurance services are offered through Richardson GMP Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NS and PEI. Additional administrative support and policy management are provided by PPI Partners. Richardson GMP Limited is a member of Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.